TF: D
1. MACD Lines Entering Bottom
2. KC Price Drop Below Lower Line
3. MACD Histogram Bear Losing Power
4. Pullback
5. Impulse System Green or Hollow
6. All-Time High
7. Price Back to Blue Line/ Value Line (Entry Price)
Railroad operator CSX has squeezed into a tight range for almost five months. Now it may be ready for a breakout.
The first pattern jumping off the chart is the ascending triangle with resistance around $95. Prices just started to escape the top yesterday.
Also notice how the lows on January 27, March 4 and March 19 were followed by “kicker” candlestick...
CSX is back above the 50 day moving average and should be gaining momentum in near future. With call options, I'm lookin for the stock go back to all time highs.
Tech info:
RSI is above 50 and is trending higher (this is really good)
The stock has been trading sideways and down for a long period of time approximately 3 months which improves this trading...
The PEAD projected a neutral outlook for $CSX after a negative under reaction following its earning release placing the stock in Drift D
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I am long January 15 $90C's purchased on Thursday. Bullish consolidation in a bull flag after a major breakout to new ATHs. Target is $96.05. Earnings in two weeks.
